- Media Release
Mining continues doing the heavy lifting for NT economy
Mining continues to do the heavy lifting for the Northern Territory economy, underpinning the schools, health and other services Territorians need.
The resources industry contributes to 37 per cent the NT GSP, with the minerals sector making up a large portion of this.
The value of the Territory’s minerals output reached $4.9 billion in 2021-2022, an increase of 13.6 per cent on the previous year.
The MCA commends the NT Government’s commitment in the 2023-24 Budget to grow the minerals sector through the commitment of $6 million to advancing the recommendations of the Minerals Development Taskforce.
Those recommendations list how the Territory can increase investment in mining development, accelerate projects and see the NT economy grow to $40 billion by 2030.
This funding will ensure the Department of Industry, Tourism and Trade has the resourcing required to implement the necessary changes put to the NT Government in the recommendations by the Taskforce to attract investment and remove unnecessary impediments.
The NT Government has also committed an investment of $7.3 million over three years to modernise the Aboriginal Areas Protection Authority’s (AAPA) business systems, to facilitate expedient release of land for mineral leases, as recommended in the Mineral Development Taskforce final report. This will reduce risks for both custodians of sacred sites and mining companies, and streamline processes.
The ongoing funding of $9.5 million per year for the Resourcing the Territory exploration program is essential to attract exploration in the Territory which is still underexplored and underdeveloped, and will drive further private sector investment.
Investment in the growth of the mining sector in the Northern Territory will not only mean growth for the mining industry, but growth for the Territory economy and benefits for all Territorians.